In a major move against financial influencers, SEBI carried out search and seizure operations at Avadhut Sathe’s trading academy in Karjat, Maharashtra, on Wednesday, August 20, as reported by Moneycontrol. The early morning operation, led by a SEBI deputy general manager, was part of a long-planned crackdown, with court permissions secured and prior surveillance conducted. The action continued until the evening of August 21, during which trading records and digital devices were seized for forensic examination.
Sathe, known for his large retail investor following and a YouTube channel with 9.36 lakh subscribers, has been under SEBI’s radar for months. At a FICCI event, SEBI whole-time member Kamlesh Chandra Varshney confirmed a major search had taken place against a prominent industry figure, without naming Sathe. He stressed the regulator’s intent to act against those misleading retail traders.
Sources indicated SEBI received complaints about trading academies promoting penny stocks in collusion with operators. Varshney warned that offering trade calls or promises of assured returns under the guise of education is illegal without SEBI registration. The Karjat operation reflects SEBI’s broader clampdown on unregistered market influencers.
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